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Fair Value Measurements (Tables) | 12 Months Ended
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Jun. 30, 2016
Fair Value Disclosures [Abstract] |
Financial instruments at fair value on recurring basis | As of June 30, 2016, the fair values of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Derivatives (1) | $ | — |  |  | $ | 334 |  |  | $ | — |  |  | $ | 334 |
Total assets at fair value | $ | — |  |  | $ | 334 |  |  | $ | — |  |  | $ | 334 |
Liabilities: |  |  |  |  |  |  |
Derivatives (1) | $ | — |  |  | $ | 763 |  |  | $ | — |  |  | $ | 763 |
Contingent consideration | — |  |  | — |  |  | 6,600 |  |  | 6,600 |
Total liabilities at fair value | $ | — |  |  | $ | 763 |  |  | $ | 6,600 |  |  | $ | 7,363 |
There have been no changes in classification and transfers between levels in the fair value hierarchy in the current period. The fair value of contingent consideration payable that was classified as Level 3 relates to our probability assessments of expected future milestone targets, primarily associated with product delivery, related to a previous acquisition. The contingent consideration is expected to be paid over the next six months and is recorded in other current liabilities in our consolidated balance sheet. The Company reassessed this contingent consideration and determined that an adjustment of $3.4 million to reduce the fair value of the remaining contingent consideration was necessary during 2016 due to agreed upon terms with the seller that they did not achieve certain milestone targets and to a return of inventory to the seller during the period. No other changes in the expected outcome have occurred during 2016. As of June 30, 2015, the fair value of the Company’s financial assets and financial liabilities measured at fair value on a recurring basis are categorized as follows:
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Derivatives (1) | $ | — |  |  | $ | 2,678 |  |  | $ | — |  |  | $ | 2,678 |
Total assets at fair value | $ | — |  |  | $ | 2,678 |  |  | $ | — |  |  | $ | 2,678 |
Liabilities: |  |  |  |  |  |  |
Derivatives (1) | $ | — |  |  | $ | 44 |  |  | $ | — |  |  | $ | 44 |
Contingent consideration | — |  |  | — |  |  | 10,000 |  |  | 10,000 |
Total liabilities at fair value | $ | — |  |  | $ | 44 |  |  | $ | 10,000 |  |  | $ | 10,044 |
(1) Currency derivatives are valued based on observable market spot and forward rates and are classified within Level 2 of the fair value hierarchy.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258 + Details
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